Cryptocurrency transactions in Indonesia reached $60 billion last year, according to the country’s commodity futures agency. Crypto exchange and market Said rode the wave with what it says are the lowest fees on the market and a platform that targets both newcomers and experienced traders. Today, the startup, founded in 2017, announced that it has raised $11 million in Series A funding led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
This is the first round of institutional funding for Reku (formerly Rekeningku.com). The company generated $3 billion in gross transaction value in 2021 and is profitable. Its founders say Reku’s five years in business means they know how to scale and withstand market fluctuations, including the pandemic and this year’s recession.
Reku, which currently has 80 employees, plans to add another 50 positions with the funding. The platform will also continue to focus on security, compliance, efficiency and scalability, said co-founder and CEO Sumardi Fung. Reku recently appointed Jesse Choi, a former private equity investor at Bain Capital, as COO.
Fung said the company sees “a significant gap in the market for products that actively guide users all the way from the very beginning of their crypto journey until they become experts themselves. Education is one thing, but our vision is to create products that seamlessly guide all users to smart investing.”
Reku makes it an accessible platform for first-time traders with educational features. It is compliant with the Indonesian Commodity Futures Trading Agency (BAPPEBTI) and emphasizes user safety by only offering well-established cryptocurrencies such as Bitcoin and Ethereum.
Prior to founding Reku, Fung worked in the futures industry for 12 years.
“In 2017 and 2018, crypto wasn’t that big, but we saw a huge opportunity there. Internet penetration has expanded rapidly, and then it will lead to a more inventive community where people will look for simplicity, such as a global currency,” Fund told TechCrunch. “The logic behind blockchain has always made sense to me, and we can definitely see a future where people will demand a more transparent financial system.”
Choi added that Indonesian traders initially saw cryptocurrency as a way to make money, but are becoming more interested in other blockchain applications. “NFTs are an example of that,” he said. “On a relative basis, there is a huge amount of construction activity coming out of Indonesia, not only projects but also infrastructure and tools that are aimed at the global market. And in fact, Indonesia is one of the leading countries when it comes to crypto and web3 adoption.”
In a statement, ACV founder and managing partner Michael Soeriaji said: “We are thrilled to lead this investment in Reku. With an intuitive user experience, the lowest fees in the market and a great leadership team, we are confident that Reku will solidify its leadership in Indonesia’s vibrant crypto industry.”